The present invention relates to the field of computer database systems and in particular relates to a competitive rewards benchmarking system and method.
Many business entities find it necessary to obtain, analyze and interpret worker rewards market data to better recruit and retain workers or xe2x80x9ctalentxe2x80x9d. Often, market pressures require business organizations to identify and retain the best qualified talent available, and ensure they are properly recognized and rewarded. However, several difficulties-arise in carrying out this task.
Some business entities benchmark worker rewards against various competitors in such areas as: salary ranges, salary increases, paid/unpaid leave, retirement programs; medical, dental, vision care, insurance programs, alternate work schedules and the like. Effective benchmarking requires relatively large amounts of up to date and accurate data. For example, competitive rewards data is preferably gathered from multiple business organizations via surveys and the like for incorporation into a database. In general, surveys are quite labor intensive to administer and can include data gathered and compiled on a local, national or global basis.
Competitive rewards data can be compiled in-house or can be obtained from a variety of sources (out-sourced). A typical competitive rewards database contains: base salary information, incentives and total cash compensation as well as other factors such as use of overtime, stock plans and cash awards (like performance bonuses and profit sharing). Reports generated from such data can contain global or national salary information as well as breakouts based on numerous criteria, including sales revenue, geographic region, industry type, company size and the like.
Often, access to out-sourced data requires a business entity to pay a fee and also commit at least a portion of its resources to compile and submit its data regarding its workers. The preparation and submission of this information is also quite labor intensive. However, out-sourcing is advantageous in that the actual compilation, maintenance and administration of the database are handled by a third party.
The consistency and accuracy of the compiled data can be affected by various factors. For example, various worker roles may not be defined consistently between business organizations. The geographic location of various businesses may affect the magnitude and form of worker compensation packages. Country specific rewards and translating across currencies and cultures can add further inconsistencies in the data. Survey inconsistencies may also affect the accuracy of the gathered data.
What is needed in the art and provided by the invention are improved systems and methods for providing current competitive rewards data.
The invention concerns a system and method for implementing and/or administering a competitive rewards database. Member data is received from at least one member computer via a data feed. The (raw) member data is automatically mapped and incorporated into the competitive rewards database.
In a preferred embodiment, the competitive rewards database contains at least one of base pay data, long term incentive pay data and annual incentive pay data. Other data elements can include any human resource management system data element, incentive data, perquisite data and/or benefit plan provision data. The competitive rewards database can also contain at least one calculated data value.
A preferred aspect of the invention is direct to a data capture tool operable to adjust the mapping of member data. Preferably, the data capture tool is coupled to a data network and is operable to provide remote access to at least a portion of the competitive rewards database.
Another aspect of the invention is directed to a rewards workbench operable to query the competitive rewards database. Preferably, the rewards workbench is coupled to a data network and is operable to provide remote access to at least a portion of the competitive rewards database (e.g., compiled statistics summarizing the data received from multiple members). In a preferred embodiment, the rewards workbench is operable to automate data feeds to at least one third party human resources management system.
The invention is also directed to a competitive rewards database system. The system has a competitive rewards database subsystem having a competitive rewards database and a data communications channel. The system has mapping data for automatically mapping member data prior to incorporation into the competitive rewards database. The system also includes at least one member computer system having a data feed coupled to the data communications channel.
In a preferred embodiment the system also has a data capture tool operable to adjust the mapping of member data. Preferably, the data capture tool is coupled to a data network and is operable to provide remote access to at least a portion of the competitive rewards database.
Another preferred aspect of the system provides a rewards workbench operable to query the competitive rewards database. Preferably, the rewards workbench is coupled to a data network and is operable to provide remote access to at least a portion of the competitive rewards database. The rewards workbench can optionally be operable to automate data feeds to at least one third party human resources management system.